Azimut agrees to sell its interest in the Galinée Property to LiFT Power, James Bay Region, Quebec

About this update from Li-ft Power Ltd.

[{"type":"text","content":"Azimut agrees to sell its interest in the Galinée Property to LiFT Power, James Bay Region, Quebec\nLONGUEUIL, Quebec, Dec. 24, 2025 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) announces the signing of an acquisition agreement (the “Agreement”) with LiFT Power Ltd. (“LiFT”) (TSXV: LIFT, OTCQX: LIFFF) to sell its 50% interest in the Galinée Property (the “Property”) located in the Eeyou Istchee James Bay region of Quebec. This transaction was initially disclosed on December 15, 2025, in conjunction with LiFT’s announcement of its proposed acquisition of Winsome Resources Ltd. (“Winsome”), the owner of the adjacent development-stage Adina property (see Figures 1 and 2). Under the Agreement, LiFT agreed to acquire Azimut’s interest in the Property by issuing 2,000,000 common shares. Azimut will retain a 1.4% NSR royalty on the Property. In addition, Azimut will be entitled to a $1,500,000 deferred payment, payable in cash, or, subject to certain terms and conditions set out in the Agreement, in common shares of LiFT, at the earlier of 18 months or the public disclosure of a technical report with respect to the Property that includes an economic analysis of one or more development scenarios. Based on the closing price of LiFT’s common shares on the TSX Venture Exchange (the “TSXV”) on December 23, 2025, the consideration receivable by Azimut in connection with this transaction amounts to approximately $10,300,000. This transaction supports the Company’s strategy to focus on its high-potential flagship assets while maintaining exposure to the strengthened Galinée-Adina project through an equity stake in LiFT and a retained royalty interest. Azimut is well-positioned to advance its Wabamisk and Elmer projects in 2026, backed by a strong balance sheet which includes a substantial equity investment portfolio. The Company will provide an exploration strategy update in early 2026 once it has received the results from the programs completed in late 2025. The parties are dealing at arm’s length. The Agreement is subject to customary closing conditions for a transaction of this nature, including approval from the TSXV. Dr....

More updates from Li-ft Power Ltd.